With the implementation of the 4th EU Money Laundering Directive (RL [EU] 2015/849) in the German Money Laundering Act (Geldwäschegesetz, “GWG”), a transparency register was established in Germany on 01 October 2017. According to this, legal representatives of legal entities and registered partnerships (together, “legal entities”) are obliged, among other things, to report details of their beneficial owners to the transparency register. The aim of introducing the transparency register is to record the natural persons behind company law structures. According to Sec. 3, subsec ...

The COVID-19-pandemic and the government measures taken in this context at federal and state level (such as the closure of facilities and retail stores, the issuing of quarantine orders and exit restrictions) have led to a considerable slump in the German economy, and the financial and capital markets are under considerable pressure. Companies in many industries are directly affected by these negative economic effects in the form of interrupted supply chains, sometimes significant sales losses and the need for protective measures for employees. It is not uncommon for companies to face a con ...

“One of my great ambitions before I die is to fly in an aircraft that is on an airline’s balance sheet…” (Sir David Tweedie, former IASB Chairman, April 2008) IFRS 16 was published by the IASB in 2016 and is effective in the European Union since 1st January 2019. In short, lessees are no longer obligated to account for lease transactions as operating or finance leases; instead, they have to recognize a so-called right-of-use asset and a mostly corresponding lease liability for almost all lease agreements. Subsequently, the right of use asset is usually amortized using the straight-l ...